38 Degrees North Acquires 104 MW of Community Solar Projects
The portfolio includes 16 projects across 14 Illinois counties and is expected to enter service by 2027
June 10, 2026
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38 Degrees North, a community solar and distributed renewable energy developer and operator, has acquired 104 MW of community solar projects in Illinois from Cypress Creek Energy, an independent power producer.
The portfolio comprises 16 advanced-stage projects across 14 counties in Illinois. The companies said the projects are expected to be placed in service by 2027. Additionally, 38 Degrees North said it is developing, acquiring, and constructing other community solar projects in Illinois.
The transaction expands 38 Degrees North’s presence in Illinois, which the companies described as a key U.S. market for community solar and energy storage. According to the announcement, Illinois added 349 MW of community solar capacity in 2025, ranking second in the U.S. for installations.
“38DN is deeply committed to collaborating with communities, developers, and capital partners to advance community solar in the U.S., and in particular, in critical markets like Illinois,” said Jake Carney, Co-Founder and Managing Director of 38DN. “Our platform is built to develop, acquire, finance, and operate distributed energy projects at scale, and this acquisition reflects this and our capabilities to support continued growth in this segment.”
Cypress Creek Energy said it has developed more than 250 MW across more than 50 projects in the state. The transaction supports its strategy of building, owning, and operating utility-scale assets.
Previously, in March 2026, Cypress Creek Renewables acquired the Steel River project from Swift Current Energy, a renewable energy project developer. The Steel River project, currently under development in Mississippi County, Arkansas, will have 2.45 GW of solar generation paired with 2.9 GWh (720 MW) of battery storage capacity.
The companies have worked together since 2018 and have previously acquired over 85 MW of community solar assets in New York.
According to Mercom’s Q1 2026 Solar Funding and M&A report, approximately 18.4 GW of solar projects were acquired in the first quarter of 2026, compared to 13.6 GW in Q1 2025.
